v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
Net income (loss) $ (6,853) $ 13,605
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Equity in (earnings) losses 3,992 (15,188)
Return on investment from equity method investees 0 4,071
Amortization of deferred rental revenue (108) 0
Depreciation and amortization 3,909 1,178
Amortization of below-market lease 35 0
Amortization of below-market debt 16 0
Amortization of debt issuance costs 70 35
Amortization of deferred leasing costs 171 0
Credit loss expense 68 16
Interest revenue received in kind, net of payments (328) (295)
(Increase) decrease in fair value of derivative financial instruments 17 226
Unrealized gain on equity securities (721) 0
Changes in assets and liabilities:    
Net (increase) decrease in other assets 1,648 (170)
Net increase (decrease) in accounts payable and accrued expenses (2,178) (387)
Net (increase) decrease in due from related party (300) 0
Net increase (decrease) in due to related party (1,410) 915
Net increase (decrease) in other liabilities (127) (33)
Net cash provided by (used in) operating activities (2,099) 3,973
INVESTING ACTIVITIES:    
Issuance of note receivable - related party (2,700) 0
Investment in equity securities (18,000) 0
Investment in equity method investees (2,760) (25)
Return of investment from equity method investees 333 34,784
Improvements of real estate properties (1,226) (91)
Investment in derivative financial instruments (81) (138)
Cash and restricted cash acquired in connection with the Merger 26,018 0
Cash and restricted cash recognized upon consolidation of equity method investments post-Merger 13,578 0
Net cash provided by investing activities 15,162 34,530
FINANCING ACTIVITIES:    
Proceeds from notes payable - related party 0 22,000
Repayment of notes payable - related party 0 (22,000)
Repayment of mortgage payable and credit facility (53) (34)
Redemptions paid (325) (17,210)
Distributions paid 0 (8,848)
Offering costs paid (358) (26)
Net cash used in financing activities (736) (26,118)
Net increase (decrease) in cash and cash equivalents and restricted cash 12,327 12,385
Cash and cash equivalents and restricted cash, beginning of period 37,790 9,074
Cash and cash equivalents and restricted cash, end of period 50,117 21,459
Non-cash transactions in connection with the Merger:    
Issuance of common shares to shareholders of each Merger Entity 394,552 0
Debt assumed in the Merger (143,831) 0
Net assets (exclusive of cash and debt assumed) acquired in the Merger [1] 512,365 0
Non-cash transactions upon consolidation of equity method investments post-Merger:    
Other assets recognized upon consolidation 456 0
Due from related party recognized upon consolidation 30,335 0
Investments in real estate properties recognized upon consolidation 158,456 0
Accounts payable and accrued expenses recognized upon consolidation (629) 0
Other liabilities recognized upon consolidation (530) 0
Mortgage payable recognized upon consolidation (68,771) 0
Non-controlling interests recognized upon consolidation 15,894 0
Elimination of due from related party upon consolidation (36,598) 0
Elimination of investment in equity method investees upon consolidation (160,197) 0
Elimination of notes payable - related party upon consolidation 80,388 0
Related Party    
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid 0 200
Nonrelated Party    
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid $ 3,552 $ 2,062
[1] For more information about the Merger, refer to Note 3, Merger Transaction – Asset Acquisition.